Tech firm’s profits ‘well ahead’ on back of record order book

Solid State, the Redditch-based technology manufacturing business, said its revenues and profits are to be ahead of expectations as it boasted a record order book.

Solid State now expects to report revenues slightly ahead of current consensus expectations of at least £80m (2021: £66.3m) for the year ending 31 March 2022, with adjusted profit before tax “well ahead” of current consensus expectations.

It said the trading momentum is reflected across both the systems and components divisions, with highlights being the continued good margin mix from projects delivered across the group and very strong trading at the recently acquired Active Silicon business.

Solid State said it has a record open order book as at the end of January, standing at £74.1m (30 November 2021: £70.3m).

Gary Marsh, chief executive at Solid State, said: “The year continues to be busy and challenging, with widely reported supply chain disruption, however the team is working very hard to collaborate with both customers and suppliers to ensure timely supply of both components and systems.  The depth of our relationships and our balance sheet strength is helping greatly in being able to ensure consistent supply.

“The record open order book gives the board confidence in the prospects for Solid State.”